Tesla CEO Elon Musk is offering to buy 100% of Twitter for over $43 billion in cash, saying that the platform will fail to serve as a pillar of free speech in its current form.
Musk, Twitter’s biggest shareholder as of last week, explained that his vision of the platform’s direction has changed, and he doesn’t believe that it will thrive unless transformed into a private company.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk said in a filing.
Musk offered to buy all of Twitter for $54.20 per share in cash, a 54% premium over the day before he began investing in Twitter and a 38% premium over the day before his investment was publicly announced.
He also suggested that his investment is not worth it unless changes are made, forcing him to reflect on his current position in case of a decline.
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk furtherly explained.
Twitter confirmed receiving the “unsolicited” offer and suggested that the board “will carefully review the proposal to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders.”
“Twitter has extraordinary potential. I will unlock it,” Musk stated.
Earlier this week, Marc Bain Rasella – a Twitter shareholder – filed a lawsuit against Musk for failing to disclose his stake in Twitter on time, which, according to Rasella, allowed Musk to save up to $143 million at the expense of other investors.
Musk failed to inform the Securities and Exchange Commission that he acquired over 9% of Twitter’s stock within 10 days of the purchase. Rasella claims that filing the paperwork 11 days after the deadline created an opportunity for Musk to buy Twitter stock at a lower price.
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